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Day: September 17, 2019
September 172019
US Dollar Mixed on Better-Than-Expected Industrial, Manufacturing Output
The US dollar is mixed against several major currency rivals on Tuesday after the latest industrial and manufacturing output numbers were published. But global financial markets are bracing for the Federal Reserveâs decision on interest rates, which the market is now split on. In the backdrop is low-level US-China trade discussions restarting later this week. On Wednesday, the Federal Open Market Committee (FOMC) will complete its two-day […]
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September 172019
Swedish Krona Weak After Jump of Unemployment Rate, Riksbank Monetary Policy Minutes
The Swedish krona was extremely vulnerable today after the unemployment rate jumped to the highest level in four years and the central bank signaled that it will likely delay the planned interest rate hikes. Sweden’s unemployment rate rose to 7.1% in August from 6.9% in July. The actual value was far above analysts’ forecasts. Riksbank released minutes of its monetary policy meeting that happened earlier this month. At the meeting, […]
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September 172019
Canadian Dollar Mixed After Manufacturing Sales Demonstrate Surprisingly Big Drop
The Canadian dollar was mixed today, rising against some rivals, falling versus others, and staying flat against some. Fundamentals were negative to the currency, with an unexpectedly big drop in manufacturing sales and retreating prices for crude oil. Statistics Canada reported that manufacturing sales dropped 1.3% in July after declining 1.4% in June. While traders were expecting a decline, they were counting on a much smaller drop of 0.3%. […]
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September 172019
Swiss Franc Soft After Economic Growth Outlook Downgrade
The Swiss franc was very soft today after the downgrade of Switzerland’s economic growth outlook. The Swissie fell against major rivals and lost earlier gains versus commodity currencies. Switzerland’s State Secretariat for Economic Affairs downgraded the outlook for economic growth in 2019 to 0.8% from 1.2% in the June forecast, though the outlook for growth in 2020 remained unchanged at 1.7%. The report talked about outside risks to the economy, like the US-China trade conflict, […]
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September 172019
Euro Jumps as German Economic Sentiment Improves Sharply
The euro rallied today after the release of positive economic sentiment figures for Germany as well as the whole eurozone. But economists are worried that the eurozone economy is still extremely vulnerable and the improvement of the sentiment does not reflect the underline strength of the economic activity. The ZEW Indicator of Economic Sentiment for Germany rose sharply from -44.1 to -22.5 in September. That is a far better reading than -38.0 predicted by analysts. ZEW President […]
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September 172019
USD/IDR Rises Despite Improving Indonesian Trade Balance
The Indonesian rupiah fell against the US dollar today as the market sentiment was unfavorable to riskier currencies. Indonesia’s trade balance improved last month, but the indicator was not as good as it seems at first glance. The Indonesian trade balance turned into a surplus of $0.09 billion from a deficit of $0.95 billion in the previous month. But the actual value trailed the consensus forecast of a $0.19 billion surplus. Furthermore, the report showed that […]
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September 172019
Australian Dollar Trades Lower After RBA Minutes
The Australian dollar declined today against other most-traded currencies. While the general market sentiment was unfavorable to riskier commodity currencies, analysts argued that the main reason for the Aussie’s decline was the release of the central bank’s monetary policy minutes. Domestic macroeconomic data was poor but better than pessimistic forecasts. The Reserve Bank of Australia released minutes of its monetary policy meeting, which happened on September 3 and resulted […]
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September 172019
NZ Dollar Falls with Consumer Confidence
The New Zealand dollar fell today due to mild risk aversion on the Forex market as well as falling consumer confidence in New Zealand. Westpac Consumer Confidence fell from 103.5 to 103.1 in September. The report commented on the result: While households are more optimistic about their personal financial situation, they have become increasingly downbeat about the economic outlook more generally. Despite the fall in borrowing rates in recent months, […]
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September 172019
EUR/USD Rallies on German Business Sentiment
EUR/USD jumped today after the business sentiment for Germany as well as the whole eurozone showed a surprisingly sharp improvement this month. (Event A on the chart.) But market participants question the ability of the currency pair to maintain its upward momentum for long, especially if the Federal Reserve will disappoint markets with its monetary policy announcement tomorrow. Both industrial production and capacity utilization increased in August. Industrial production rose by 0.6%, exceeding […]
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